-
作者：Brakman, Steven; van Marrewijk, Charles
作者单位：University of Groningen; Utrecht University
摘要：Lumpiness of production factors within a country might overturn the Heckscher-Ohlin (HO) model's predictions for the factor content of trade. Trade patterns, as predicted by this model, can both be magnified or reversed by uneven concentration of production factors within a country. Cities are the most characteristic manifestation of lumpiness of production factors and as a consequence different patterns of urbanization between countries might cause trade patterns to differ from the HO model's...
-
作者：Demidova, Svetlana; Rodriguez-Clare, Andres
作者单位：McMaster University; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：In this paper we present a version of the Melitz (2003) model for the case of a small economy and summarize its key relationships with the aid of a simple figure. We then use this figure to provide an intuitive analysis of the implications of asymmetric changes in trade barriers and show that a decline in import costs always benefits the liberalizing country. This stands in contrast to variants of the Melitz model with a freely traded (outside) sector, such as Demidova (2008) and Melitz and Ot...
-
作者：Javorcik, Beata S.; Li, Yue
作者单位：University of Oxford; University of Oxford; Centre for Economic Policy Research - UK; The World Bank
摘要：During the past two decades many countries have opened their retail sector to foreign direct investment (FDI), yet little is known about the implications of such liberalization for their economies. Using a unique dataset combining outlet-specific information on global retail chains with a panel of Romanian manufacturing firms, this study sheds some light on this question. The results suggest that the expansion of global retail chains leads to a significant increase in the total factor producti...
-
作者：Benmelech, Efraim; Dvir, Eyal
作者单位：Harvard University; National Bureau of Economic Research; Boston College
摘要：Does short-term debt increase vulnerability to financial crisis, or does short-term debt reflect - rather than cause - the incipient crisis? We study the role that short-term debt played in the collapse of the East Asian financial sector in 1997-1998. We alleviate concerns about the endogeneity of short-term debt by using long-term debt obligations that matured during the crisis. We find that debt obligations issued at least three years before the crisis had a negative, albeit sometimes insign...
-
作者：Corsetti, Giancarlo; Martin, Philippe; Pesenti, Paolo
作者单位：University of Cambridge; Roma Tre University; Centre for Economic Policy Research - UK; Institut d'Etudes Politiques Paris (Sciences Po); Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research
摘要：We revisit the classic transfer problem, accounting for two channels of adjustment: increased trade in existing goods and services (the intensive margin) and net creation and destruction of product varieties (the extensive margin). Over the medium term, the latter reduces the scope for real exchange rate and terms of trade variability in response to cross-border flows. We embed our transfer analysis in popular models of current account adjustment, where initial imbalances are driven by domesti...
-
作者：Gourio, Francois; Siemer, Michael; Verdelhan, Adrien
作者单位：Boston University; National Bureau of Economic Research; Boston University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：Recent work in international finance suggests that exchange rate puzzles can be accounted for if (1) aggregate uncertainty is time-varying, and (2) countries have heterogeneous exposures to a world aggregate shock. We embed these features in a standard two-country real business cycle framework, and calibrate the model to equity risk premia in low and high interest rates countries. Unlike traditional real business cycle models, our model generates volatile exchange rates, a large currency forwa...
-
作者：Valentina Lizarazo, Sandra
作者单位：Universidad Carlos III de Madrid
摘要：This paper develops an endogenous default risk model for small open economies that interact with risk averse international investors whose preferences exhibit decreasing absolute risk aversion (DARA). By incorporating risk averse investors who trade with an emerging economy, the present model explains a larger proportion and volatility of the spread between sovereign bonds and riskless assets than the standard model with risk neutral investors. The paper shows that if investors have DARA prefe...
-
作者：Lai, Edwin L. -C.; Yan, Isabel K. M.
作者单位：Hong Kong University of Science & Technology; City University of Hong Kong
摘要：In the standard model with free trade and social-welfare-maximizing governments a la Grossman and Lai (2004), cross-border positive policy externalities result in countries choosing a combination of patent strengths that is weaker than optimal from a global perspective. This paper introduces three new features to the analysis: trade and FDI barriers, firm heterogeneity and political economy considerations in setting patent policies. Based on calibration, we find that there would be global unde...
-
作者：Qiu, Larry D.; Zhou, Wen
作者单位：University of Hong Kong
摘要：A model of heterogeneous firms with variety-specific fixed costs is developed and analyzed to study how multiproduct firms respond to globalization. In contrast with most existing models, the analysis demonstrates that more-productive firms may expand their product scope, which in turn may push up their average costs. A necessary and sufficient condition for scope expansion is that the fixed cost of introducing more varieties increases rapidly with the product scope. With increasing globalizat...
-
作者：Martincus, Christian Volpe; Blyde, Juan
作者单位：Inter-American Development Bank
摘要：Our knowledge of the trade effects of domestic infrastructure is very limited. The reason is twofold. First, data needed to examine these effects are not readily available. Second, identifying such effects requires properly addressing potential endogeneity problems affecting the relationship between internal infrastructure and trade. In this paper, we overcome these limitations by combining firm-level export data with detailed geo-referenced information on Chile and by exploiting the earthquak...
